July 20, 2023
NCFDC and FedDev Ontario Invest in New Ventures as well as Established Firms to Accelerate Industrial Innovation
Venture13, Cobourg, Ontario—NCFDC’s $10 million thriveFORWARD initiative has mobilized funding for 177 technology-driven companies to date, including advanced manufacturing, bio-manufacturing, ag-tech and food and beverage ventures, in an effort made possible by FedDev Ontario and the Government of Canada’s Jobs and Growth Fund (JGF).
As part of thriveFORWARD’s Start-up Stream, projects included AI-powered modular smart farms, automated machine shops and food production microfactories (such as Mycro Harvest, ZapMetals, McKay Foods), as well as a host of innovative growth firms bringing specialized Made in Ontario products to market (Jems, Gwella, Sootsoap and more). The portfolio is also characterized by a high concentration of novel cleantech solutions to unsolved sustainability challenges (Exhale Aerosystems, Enurgen, Fractalytic, Coastal Carbon, RecycleOne and Fathom Storage) and the strength of southern Ontario IP and innovation commercialization potential is attracting global attention.
“We are excited about developments in priority sectors and new approaches that enhance the overall competitiveness, productivity and innovative posture of southern Ontario industries,” said Wendy Curtis, Executive Director at NCFDC. “This means investing in next generation firms as well as existing companies poised for growth through innovation.”
Greenhouse Juice Company, Cedar Valley Selections, DOM International, National Pasta, and other growth-oriented SMEs from across southern Ontario are mobilizing investment with thriveFORWARD in everything from cooling technologies to industrial automation, from supply chain enhancements to circular economics—especially in southern Ontario’s critical food and beverage sector. Other thriveFORWARD projects with established firms focused on expanding and developing the region’s production capabilities through investment in applied R&D, advanced manufacturing, rapid prototyping, supply chain enhancements and new production lines, as well as industrial IoT, integration of AI and Machine Learning applications, digital transformation projects and the implementation of various ground-breaking process innovations that maintain and strengthen the southern Ontario advantage.
Start-ups typically accessed up to twenty-five thousand in matching, performance-based funding from NCFDC, with SMEs securing one hundred thousand each. As of July, 2023, NCFDC is co-investing in innovation capital (in talent and tech) across 112 Start-ups and 65 established SMEs from Windsor to the Quebec border.
“The results are extraordinary,” Curtis affirmed. “We are confident that thriveFORWARD has helped to unleash a great deal of industrial potential across the region.”
NCFDC recently attended Collision Conference in Toronto where nearly one fifth of the entire thriveFORWARD Start-up Stream was showcased, featured, attending, presenting on panels or on stage pitching for investment (Cercling, Bidmii, EAIGLE, Mycro Harvest and many more), along with companies like Able Innovations and Netmechanics, previously seed funded by NCFDC and FedDev Ontario via N1M (investing in Business Innovation).
“We believe that FedDev Ontario deserves enormous credit for this funding, for ensuring the next wave of southern Ontario tech start-ups were in a position to demo at major events like Collision, and elsewhere on the global stage,” said Susan Carmichael, Chair of NCFDC’s Board of Directors. “Deployment of matching funds accelerated timelines for these companies, positioning them strongly for business development, follow-on investment and growth.”
“Particularly over the last twelve months, coming out of a difficult period, thriveFORWARD helped to ensure that major milestones on the pathway to full commercialization would be met,” added Curtis. “And the full potential of innovation realized.”
As previously reported, NCFDC leveraged $5 from the private sector for every $1 invested in thriveFORWARD projects, as both corporate balance sheets as well as Angel and Venture Capital funds were unlocked in an impressive show of confidence in the value being created by southern Ontario innovators and entrepreneurs.
“Co-investment in innovation capital yields sizable public return on investment, in job creation and other economic multiplier effects,” said NCFDC’s Executive Director. “And we continue to track the success of the thriveFORWARD portfolio.”
The thriveFORWARD call for applications closed on June 9th, 2023 and projects will wrap up by the end of the year. This latest innovation and entrepreneurship initiative is part of an estimated $35 million in overall economic development programming delivered by NCFDC over the last 5 years.
“Having an outsized impact on sustainable, inclusive and innovation-driven economic development is something we are passionate about as a small but highly effective team,” said Susan Carmichael, Chair of the Board of NCFDC. “But at the end of the day, these are industry-led, entrepreneur-driven projects. While providing strategy services and support, our role is to confirm for them that sufficient funding is at the table to ensure that their high-potential, high-value projects can move forward, for the benefit of the region, and for all Canadians.”
To learn more about thriveFORWARD, please visit the official webpage (click here).
About NCFDC
NCFDC is an innovation NGO based at Venture13 in Cobourg, Ontario, focused on co-investing in innovation capital and financing growth-oriented firms that create jobs and help to diversify a sustainable and inclusive economy in Northumberland (via FedDev Ontario’s Community Futures Program) southern Ontario (via initiatives like thriveFORWARD, RIIEO and N1M) and Canada-wide, through DELIA (NCFDC’s evergreen women entrepreneurship loan fund, with the support of ISED Canada) and StrikeUP (the leading annual digital conference event celebrating and advancing women entrepreneurship in Canada). Follow NCFDC on Twitter and LinkedIN.
About FedDev Ontario
For 13 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada’s most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our pivotal projects, our Southern Ontario Spotlight, and FedDev Ontario’s Twitter, Facebook, Instagram and LinkedIn.